Bahraini independent corporate insurance brokers and risk advisers, Bridge Insurance and Reinsurance Brokers (Bridge), has announced the launch of its operations in the kingdom, having obtained approval from the Central Bank of Bahrain.
The new company, which provides insurance brokerage and consultancy services, is in the process of launching Bahrain’s first online insurance comparison portal.
The insurance comparison portal will be the first InsurTech platform of its kind in Bahrain and adds further momentum to the kingdom’s fast growing status as a regional FinTech hub.
The portal is expected to launch online in the third quarter of 2018, and will enable customers to make informed insurance decisions. The portal supports the comparison of product prices and coverage in line with their specified search criteria at the click of a button.
Commenting on the project, Mr Mahmood AlSoofi, chairman of Bridge, stated, “It is estimated that in the United Kingdom, around 80% of insurance is sold online.In our view, the region with its young population and strong fundamentals for e-commerce will quickly move towards matching this. We believe that the comparison portal, which makes the process of obtaining and comparing unbiased insurance quotes quicker and more convenient, will also play a major role in driving acceptance of the internet as a sales channel in the kingdom”.
Bridge executive director and CEO, Salah AlMaraj, added, “We have been fortunate to receive strong demand within our retail operations given the network we have each accumulated after serving 20+ years in the industry”.
Mr David Parker, executive director – business development – financial services, at the Bahrain Economic Development Board, said, “As the region’s longest established financial services centre, with a strong ICT infrastructure, skilled local workforce, and robust supportive ecosystem for innovation and entrepreneurship, Bahrain is well placed to provide a testing ground for companies like Bridge.”